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The Indian rupee opened stronger against the dollar at 70. 12, after Fed Reserve Chairman Jerome Powell’s comment suggesting a slower pace of rate increases triggered the biggest slide in the dollar index in a month. INR: The Indian rupee ended stronger at 70. 63 on likely equity related dollar inflows and greenback sales by exporters. Asian shares fell on Monday, extending weakness in global equity markets at the end of last week as soft Chinese economic data and falling oil prices rekindled anxiety about the outlook for world growth.
A combination of weak factory-gate inflation data in China and low oil prices weighed on global stocks on Friday, dragging MSCI’s gauge of global stocks to its worst day in two weeks. Continuous foreign fund flows and Domestic Political Stability. Note: This information is given only for guidance purpose without any obligation on the part of TMB or any of its officials. Any person dealing on the basis of the said information does so at his own risks and no objection arises to TMB or any of its officials. No part of this website may be reproduced in any form on any media type without specific prior written permissions. Year-end tax reporting generally does not require a detailed listing of each trade, as is required for securities traders.
Note: if you haven’t been reporting each securities trade on your tax returns and if you think that leaving a note “available upon request” will suffice, don’t be surprised if the IRS does request – via an audit of your tax return! Why allow your tax return to have any additional audit risk exposure? Regardless of the fact that most futures trading is exempt from detailed transaction reporting, traders must keep the detailed records in their files, as any well-run business would maintain its records. If you are audited, these details will be used to substantiate the volume of your daily activity in support of claiming “trader status” on your tax return. Screen shots of your year-to-date transactions, saved and backed-up to multiple CD-Rs, may be invaluable during an IRS audit. Note: Each contract expires on the Wednesday before the third Thursday of the indicated month. Leverage your dollars into millions in foreign currencies traded on the spot market and thousands of dollars daily with little risk.